European convenience foods group Uniq's full-year pre-tax profit to 31 March fell 80% to £4.6m on sales down from £879m the year before to £825.1m.

Nigel Stapleton, chairman of Uniq, said that the results were “highly unsatisfactory”.

He added: “Although the competitive situation was tougher across all our markets last year and cost inflation created a new challenge, a large part of the deterioration in financial performance has reflected our own shortcomings and we have taken rapid action to recover the position.”

As a result, Uniq said that it had decided to focus on its convenience foods businesses with “the greatest potential for significant growth and shareholder value creation”. These include its UK, Northern Europe and French businesses.

However, it is exploring the sale of its spreads business in France and its salad business in Belgium.

Geoff Eaton, chief executive of Uniq, added: “We have put in place improvement plans and talented management to enhance significantly the value of all our businesses. The improvement plans are tough, and some will take time to bear fruit, but I am highly confident about the potential of Uniq.”